The Greek state has sold 51 percent of power grid operator ADMIE to the State Grid Corporation of China, according to a Kathimerini newspaper report.

The report says that the deal with the Chinese company is revealed in the informative document of the holding company set up for the listing of 51 percent of Independent Power Transmission Operator (ADMIE) on the Greek stock market in the context of the splitting of the grid company from Public Power Corporation.

The concession comes after Energy Minister Panos Skourletis had repeatedly stated that no part of PPC will be privatized.

The agreement document illustrates the role of the Chinese company in ADMIE once the deal is implemented, and reveals their right to depart from ADMIE by transferring their stake to anyone interested in it, as well as their option to increase their stake if the state decides to sell shares in the company through the “right of first offer,” Kathimerini says.

The term allowing the State Grid Corporation of China to opt out of the Greek grid operator within six months due to failure to reach a friendly settlement in case of a disagreement with the Greek state means that the investor could even create an artificial crisis at ADMIE if it wanted out.